After increasing to a post-recession high in 2017, U.S. household incomes continued to rise in 2018 and finally hit the previous peak set 20 years ago, adding to the evidence that President Donald Trump’s pro-economic policies are working.
The U.S. Census Bureau announced Tuesday, Sept. 10, that the median household income was $63,179 in 2018, representing an increase of 0.9% from $62,626 in 2017.
With more money in their pockets thanks to a booming economy, income of American households last year matched their previous high record in 1999, according to The Associated Press.
Data from the bureau showed that the number of people in poverty in 2018 was 38.1 million, 1.4 million fewer people than 2017. As a result, the official poverty rate decreased 0.5 percentage points from a year earlier to 11.8% in 2018, the lowest annual level since 2001.
Between 2017 and 2018, the real median earnings of all workers increased 3.4% to $40,247 thanks to wage growth, of which earnings for men increased by 3.4% and women rose 3.3%.
The number of full-time, year-round workers increased by 2.3 million between 2017 and 2018, including about 700,000 men and 1.6 million women.
The percentage of Americans with health insurance coverage for all or part of 2018 was 91.5%, lower than the rate of 92.1% in 2017.
President Trump hailed the Census Bureau report, citing a headline by AP that said, “’U.S. household income finally matches 1999 peak, while poverty rate hits lowest point since 2001.”